5 Top Trends In Business Intelligence Solutions For 2018
The Business Intelligence (BI) landscape is constantly evolving and it is always good to stay on top of the trends to keep ahead of the game. Backed up by statistics, these trends are what experts feel would be the biggest shifts in BI solutions in the upcoming year.
1. Artificial Intelligence
Artificial Intelligence (AI) has been around for quite a while, but it is only starting to get more recognised in the BI field. The process of machine learning allows for automation of the simple yet labour-intensive work of humans, generating larger and quicker data. This is especially crucial in an age of data explosion and the increasing demand for real-time data. This phenomenon allows analysts to acquire huge chunks of information faster, so they can spend more time on analysis instead.
That said, there are hopes that these machines will not only help to accomplish the basic tasks, but uncover more beyond our limits. A recent study has also shown that nearly 60% of businesses are currently exploring AI, while the rest are either adopting AI in their work operations or have already made progress with AI. Given continued advancements in research and technology, as well as such interest in AI, 2018 will be the year to keep a lookout for this trend.
2. Data Visualisation
More than just fancy graphs and charts, data visualisation is about presenting complex information effectively such that things can be understood at a glance. This enables business users to act upon the data immediately, which is critical in today’s growing need for instant insights.
In addition, data visualisation includes conveying what the data reflects accurately. When executed well, these visuals will help business leaders unravel deeper business insights and make more well-informed business decisions.
3. Data Governance
Self-service analytics have been gaining popularity, providing users with information to access and interpret the data they require without much technical assistance. This goes back to the issue of data governance, where people no longer need to share their data unnecessarily and worry about having it fall into the wrong hands. Moving into 2018, business owners can look toward a modern governance model, which is an improved system with certain rules set to effectively manage corporate data.
4. Multi-Cloud Strategy
Data security has always been the biggest inhibitor to large-scale cloud adoption, but with the new BI multi-cloud strategy available, 2018 may be the perfect time for your business to adopt the technology. With a multi-cloud strategy, choose the data you want stored in the cloud and in your company’s servers. This advantage allows for the best of both worlds, allowing your everyday mundane tasks to be carried out online, while keeping your proprietary data in your in-house servers.
5. Data Insurance
With data usage on the rise, businesses are highly advised to purchase data insurance. Data is an important asset for businesses, and its value will only continue to rise. With proper insurance, companies can be protected from the responsibility and burden of unforeseen data breaches – the global average cost of a data breach is worth $3.62 million last year. As such, more organisations are also expected to invest in cybersecurity insurance moving forward.
These days, business owners are no longer questioning the capabilities of BI solutions; they are interested in knowing what the best solutions are and what they can offer. If you haven’t employed any of these up-and-coming solutions in your business, now is the right time to get started!
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